Professional Services

Future-Proofing Your Professional Services Firm: 4 Key Challenges

Apr 23, 2024

Borrowing the results from recent other Professional Firms’ business surveys, it seems to me that the top concerns for Australian executives (and most probably other parts of the world) are the same in the short term as they are for the medium term. That being, cyber risks, talent recruitment/retention and upskilling a work force for the digital world.

The End of Hourly Billing? The Future of Pricing is Value-Based

Apr 19, 2024

The traditional hourly billing model, long favoured by professional services firms, is facing scrutiny and disruption in the face of technological advancements and evolving client expectations. As technology enables greater efficiency and transparency, it is often wondered if the billable hour is necessarily a true measure of value. Many firms are re-evaluating their approach to pricing, turning towards value-based models that prioritise outcomes over billable hours.

ATO Scrutiny of Professional Services: Understanding PCG 2021/4

Apr 11, 2024

The ATO has been concerned about arrangements involving individual professional practitioners who redirect their income from an activity or business that includes their professional services to an associated entity where it has the effect of significantly reducing your tax liability.

Healthcare Challenges: Payroll Tax, Personal Services Income & AI

Mar 22, 2024

For my Insights advisory article dedicated to the Healthcare sector, I wanted to speak specifically about the challenges many medical and allied health practices currently face.

Professional Services Insights Update - April 2023

Apr 26, 2023

The timing for owning and operating a Professional Services firm is now - it always is. A 2017 Australian Financial Review article reasoned that Australia was fast-becoming a Professional Services nation - with the sector reflecting the greater business sentiment found across a broad range of industries.

Journey to Partnership - Leadership Insights for Professional Services

Apr 24, 2023

In the latest episode of the Building Your Business podcast, Chris Lewis hosts Ian Bloemendal - Partner at Clayton Utz, alongside Ian Walker (AGR Executive Chairman) as they discuss Ian's journey to partnership, a career within one of Australia's leading law firms and his practice responsibilities with Clayton Utz - a "Big Six" firm in Australia.

What is Personal Services Income?

Apr 21, 2023

Personal Services Income, or PSI, is the income derived by an individual mainly as a result of their personal work or exertion, rather than the sale of goods or use of assets. The individual may operate as a sole trader, or through a trust, partnership, or company structure. You can receive PSI in almost any industry or profession, but it is commonly seen within the Professional Services sector (namely among accountants, lawyers, consultants and engineers, etc) and medical practitioners.

Professional Services Insights Update - August 2022

Aug 24, 2022

As part of my Chairman’s Address this month, I wanted to take this opportunity to share my thoughts on the Professional Services industry and the current business factors impacting those within the sector and of a similar nature.

New Rules for Allocating Professional Firm Profits - July 2022

Aug 03, 2022

As of 1 July 2022, new legislation has now taken effect which details the Australian Tax Office’s compliance approach to the allocation of profits or income from Professional Firms as assessable income to the ‘Individual Professional Practitioner’ (IPP).